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And finally... Will Aer Lingus be O'Leary's Waterloo?

WITH the opposition forces ranged across the battlefield, the Napoleonic Michael O’Leary will find himself alone with his thoughts this weekend.

Another attack on Aer Lingus at a higher offer price might prove fruitless. Ryanair’s institutional shareholders — uncomfortable with his initial raid — are unlikely to rally behind for another push.

With no sign of dissent in the ranks of the employee share ownership trust (Esot), O’Leary is faced with the real prospect of retreat.

Unlike Aer Lingus, its pilots, the pilots’ pension fund, the Esot and its bosom buddy Denis O’Brien, O’Leary is at least still €38m or so in the black on his recent buying of the airline’s stock. It would have to fall to €2.45 before Ryanair started to lose money.

Unfortunately for O’Leary, that is not unthinkable. In the absence of an offer, Ryanair’s very presence on the shareholder register will act as a drag on the